Optimal Control Theory Applications to Management Science and Economics

ISBN-10: 0387280928

ISBN-13: 9780387280929

Edition: 2nd 2000 (Revised)

Authors: Suresh P. Sethi, Gerald L. Thompson

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Description:

Sethi and Thompson have provided management science and economics communities with a thoroughly revised edition of their classic text on Optimal Control Theory . Central to the book is its extraordinarily wide range of optimal control theory applications. Chapter 5 covers finance; Chapter 6 considers production and inventory problems; Chapter 7 covers marketing problems; Chapter 9 treats machine maintenance and replacement; Chapter 10 deals with problems of optimal consumption of natural resources (renewable or exhaustible); and Chapter 11 discusses a number of applications of control theory to economics. The book has been successfully used as a professional reference tool and as a graduate course book. Its usefulness lies in its emphasis on building applied models of realistic problems faced in a variety of business management situations. The new edition has been completely refined with careful attention to the text and graphic material presentation. In Chapter 3, models have been added that use mixed (control and state) constraints, current value formulations, and terminal conditions. Chapter 4 now covers more advanced material on pure state constraints as they relate to mixed constraints. Each of these chapters contains new results that were not available when the first edition was published. Another important change is the expansion of the material on stochastic optimal control theory, which has become the new Chapter 13. This new chapter provides a brief introduction to stochastic optimal control problems, and it contains formulations of simple stochastic models in production, marketing and finance, and their solutions. Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the authors have applied to business management problems developed from their research and classroom instruction.
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Book details

List price: $149.00
Edition: 2nd
Copyright year: 2000
Publisher: Springer
Publication date: 9/6/2005
Binding: Paperback
Pages: 506
Size: 6.00" wide x 9.00" long x 1.00" tall
Weight: 1.936
Language: English

S. PRAKASH SETHI is University Distinguished Professor at the Zicklin School of Business, Baruch College, at The City University of New York, where he also serves as the Academic Director of Executive Programs. He has written several books and articles on corporate social accountability and international codes of conduct, and he has advised numerous corporations, nongovernmental organizations, and national and international governmental bodies on the conduct of competitive markets and the role of large corporations in economic activities. He is the president of the International Center for Corporate Accountability (ICCA), an independent educational organization affiliated with the Zicklin School of Business. The ICCA is devoted to the research and promotion of corporate codes of conduct and their implementation through independent external monitoring and public disclosure of its findings around the world.

Preface to First Edition
Preface to Second Edition
What is Optimal Control Theory?
The Maximum Principle: Continuous Time
The Maximum Principle: Mixed Inequality Constraints
The Maximum Principle: General Inequality Constraints
Applications to Finance
Applications to Production and Inventory
Applications to Marketing
The Maximum Principle: Discrete Time
Maintenance and Replacement
Applications to Natural Resources
Economic Applications
Differential Games, Distributed Systems, and Impulse Control
Stochastic Optimal Control
Solutions of Linear Differential Equations
Calculus of Variations and Optimal Control Theory
An Alternative Derivation of the Maximum Principle
Special Topics in Optimal Control
Answers to Selected Exercises
Bibliography
Index
List of Figures
List of Tables
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